Excited-state dynamics in α-perylene single crystals is studied by time-resolved fluorescence and transient absorption techniques under different excitation conditions. The ultrafast lifetimes of the "hot" excimer (Y) state were resolved. Three competing excited-states decay channels are observed: excimer formation, dimer cation generation, and singlet fission. The singlet fission induced by two-photon and consecutive two-quantum absorption is reported for the first time in an α-perylene crystal.